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expeople1 [14]
3 years ago
5

On January​ 1, 2024, Tyson Manufacturing Company purchased a machine for $41,100,000. ​Tyson's management expects to use the mac

hine for 28,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $40,000. The machine was used for 4,000 hours in 2024 and 5,500 hours in 2025. What is the depreciation expense for 2024 if the company uses the units−of−production method of​ depreciation? (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest​ dollar.)
Business
1 answer:
denis23 [38]3 years ago
7 0

Answer:

Annual depreciation= $5,865,714.29

Explanation:

Giving the following information:

Purchase price= $41,100,000

Salvage value= $40,000

Useful life in hours= 28,000

<u>To calculate the depreciation expense for 2024, we need to use the following formula:</u>

Annual depreciation= [(original cost - salvage value)/useful life of production in hours]*hours operated

Annual depreciation= [(41,100,000 - 40,000) / 28,000]*4,000

Annual depreciation= $5,865,714.29

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